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It looks like Apple Card has suitors lined up amid its public split with Goldman Sachs.
Apple is in talks with Barclays and Synchrony Financial to replace Goldman Sachs as its card issuer, according to a Reuters report. This follows the whispers of last year that pursuit also talked to Apple.
Apple’s broad name recognition and reputation could appeal to card issuers hoping to expand their consumer base amid growing competition from Buy Now Pay Later apps.
Although Apple’s contract runs until 2030, it’s possible the relationship could end sooner, Goldman CEO David Solomon said at the time of his company. income call earlier this week.
It is important to remember that nothing is over yet. If Apple gets a new issuer, however, it could mean big changes for current cardholders.
Although it is always rated No. 1 for customer satisfactionaccording to JD Power surveys, the card actually lacks many features offered by other top credit cards – including a competitive welcome offer, useful additional card benefits, and protections. What it offers is the brand name, a sleek user experience and 3% cash back on everything Apple, according to our CNET credit card experts.
The continued relationship between Apple and Goldman Sachs was later questioned. Goldman Sachs has pulled back from consumer lending in the past few years amid financial losses and increased federal scrutiny. Last year, the US Consumer Financial Protection Bureau fined Apple and Goldman Sachs $89 million for negligence and mismanagement.
If the Apple Card gets a new issuer, it could also mean big changes for Apple Card Savings account. the high yield savings account now offers a 3.90% APY and available only to Apple Cardholders.
Apple, Goldman Sachs or Chase did not immediately respond to requests for comment. Synchrony and Barclays declined to comment.
If you currently have an Apple Card and are looking for better rewards, you can wait to see how the bank-issuer dance plays out, or you can consider applying for a different one. credit card that offers better rewards and benefits.
